Good afternoon all!
The good thing with the IKH system, and indeed with swing trading in general, is that we can leave the market to mold our trades out without the need to sit glued to the monitor all the while we're 'in'.
So, after a refreshing nights sleep and an enjoyable say shopping and cinema going, lets see where things stand with our entries.
EUR/CAD -
Currently going strong and following our projected move Bullishly upwards. Both lots are sat nearly 300 points above our initial entry, and we continue to observe the Kumo and drag the stoploss up with each advance it makes.
USD/CHF -
Currently sat 104 points above our Short entry, half way between the entry and the stoploss. Looking at the chart a little closer we can observe the Kumo has started to shrink slightly, the Chinkou Span has become glued to the price trail and both the Kijun Sen and Tenkan Sen have reached a point of indifference and are leveled out.
What does this mean? Well, right now it seems the market is undecided if it wants to go Bullish or Bearish, and so our trade remains in limbo. I'm happy to let this trade continue on for the mean time and see where it goes - it will make for a good learning point.
AUD/CAD -
Remember we were going to keep an eye on this to see where it went? Well, the hourly chart has continued to show a healthy Bullish move upwards and seems to have broken through the Kumo with some strength.
The Kumo too, has shown a reversal and has now become Bullish. The Chinkou span has also crossed the price trail and is continuing upwards - pointing to a Bullish drive.
So, should we enter now or wait?
I'm going to enter now, but will place a conservative stop at the level of the Kijun Sen, and will only enter with 1 lot. Should the 4 hour chart start to show signs of turning Bullish, I will take this as confirmation that the price is indeed starting a healthy reversal, and will enter with another lot.
So,
Enter - 0.7960
Amount - 1 lot
Stop - 0.7658
Exit - Use the IKH as a whole to determine upwards trend has come to an end.
So, we now have three active trades - and roughly 5% of account is online and risked within the market. Lets return in a few hours and see where things are headed.
Happy trading,
Cord
